This MR = MC Practice video also includes:
Given quantity, total cost, and a perfectly competitive firm, how much should an organization produce and what will be the profit? Watch as the concept of profit maximization is broken down and explained with real-time illustrations and graphs.
14 Views 4 Downloads CCSS: Adaptable
- Use as a follow up after introducing concept of perfect competition
- Include on class website for learners to use as review
- Class members should know how to calculate marginal cost
- Key steps of process are identified in text at bottom of screen throughout video
- Discusses price in perfect competition, marginal cost, and total revenue